Lorimar Watch Company Manufactures Travel Clocks

question 79

Multiple Choice

Lorimar Watch Company manufactures travel clocks. The daily marginal cost function associated with producing these clocks is where C '(x) is measured in dollars/unit and x denotes the number of units produced. Management has determined that the daily fixed cost incurred in producing these clocks is $170. Find the total cost incurred by Lorimar in producing the first 400 travel clocks/day.

• A) $3,354
• B) $3,485
• C) $3,566
• D) $3,282

Describe the role of an entrepreneur in the economy.

Understand the principle that there is no such thing as a free lunch.

Differentiate between the resource market and the product market.

Comprehend the necessity of opportunity costs due to the scarcity of resources.

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Definitions:

Genetic Characteristics

Inherited traits determined by an individual's DNA, influencing various aspects of their physical appearance, health, and behavior.

Heredity

The transmission of genetic characteristics from parents to offspring, influencing various traits and predispositions.

Adoptive Parents

Individuals who become parents through the legal process of adopting a child.

Mesoderm

The central layer of the embryo from which the bones and muscles develop.